MIRA INFORM REPORT

Report No. :	314384
Report Date :	27.03.2015

IDENTIFICATION DETAILS

Name :	SANFIELD INDIA LIMITED (w.e.f 05.08.1996)
Formerly Known As :	SANFIELD (INDIA) PRIVATE LIMITED
Registered Office :	B-7, 2^nd Floor South Extention II, New Delhi – 110049, Delhi
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.05.1994
Com. Reg. No.:	55-058803
Capital Investment / Paid-up Capital :	Rs. 18.300 Million
CIN No.: [Company Identification No.]	U74899DL1994PLC058803
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of Construction related products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company satisfactory track. The rating takes into consideration sound profit margin and strong liquidity of the company. Trade relations reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Deven Saxena
Designation :	Finance Head
Contact No.:	91-755-4233535
Date :	26.03.2015

LOCATIONS

Registered Office :	B-7, 2^nd Floor South Extention II, New Delhi – 110049, Delhi, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	sanfield@sanfieldindia.in
Website :	http://www.sanfieldindia.in
Head Office :	13-A, Sector D, Industrial Area, Govindpura, Bhopal – 462 023, Madhya Pradesh, India
Tel. No.:	91-755-4233535 (30 Line) /4271571/4284320
Fax No.:	91-755-4270730/2602663
E-Mail :	sanfield@sanfieldindia.in marketing@sanfieldindia.in

DIRECTORS

As on: 30.09.2014

Name :

Mr. Mahesh Rajwani

Designation :

Managing Director

Address :

E – 7/ 71, Lala Lajpat Rai Society, Arera Colony, Bhopal, Madhya Pradesh, India

Date of Appointment :

01.02.2010

DIN No.:

00498877

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1994PLC058803	SANFIELD INDIA LIMITED	Managing director	01/02/2010	24/07/1995	-	Active	NO
2	U29248MP1996PLC010852	B and A INNOVATIONS LIMITED	Director	21/05/1996	21/05/1996	-	Strike off	NO
3	U29191MP1999PLC013588	CAROL EQUIPMENTS (INDIA) LIMITED	Director	24/06/1999	24/06/1999	-	Active	NO

Name :

Mr. Werner Wolfgang Fobo

Designation :

Director

Address :

Pulverturmstr. 25A, Munich, 80935, , Germany

Date of Appointment :

27.03.2012

DIN No.:

02594522

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45203DL2009PTC187144	MAURER SYSTEMS PRIVATE LIMITED	Director	28/04/2009	28/04/2009	-	Active	NO
2	U74899DL1994PLC058803	SANFIELD INDIA LIMITED	Director	27/09/2012	27/03/2012	-	Active	NO

Name :

Mr. Armin Michael Durr

Designation :

Director

Address :

82449 Uffing am Staffelsee, Ettaler-Mandl-Weg-7, Uffing, NA, GERMANY

Date of Appointment :

27.09.2012

DIN No.:

05355674

KEY EXECUTIVES

Name :	Mr. Deven Saxena
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares
Geeta Rajwani	100
Mahesh Rajwani	274399
Kapil Hiralal Rajwani	1
Runa Prakash	1
Vincent S. Rajwani	9
Transtec Investment GMBH, Germany	1555489
Werner Wolfgang Fobo, Germany	1
Total	1830000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	85.00
Directors or relatives of Directors	15.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Construction related products.
Products :	Expansion Joints Bridge Bearings Rehabilitation of Structures Structural Protection systems Pre Stressing Systems Bat Splicing
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE (31.03.2014)

Particulars	Unit of Quantity	Installed	Actual Production
Bridge Bearing /Roller Bearing /Others	NOS	22000	6512/4365
Expansion Joints /Compression Seal	RM	85000	42004.27

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Not Divulged

Bankers :

• Axis Bank Limited, 165a-166 Star Arcade, M. P. Nagar, Zone - I, Bhopal - 462011, Madhya Pradesh, India
• State Bank of India
• UTI Bank Limited
• HDFC Bank
• ICICI Bank
• Deutsche Bank

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loans
ICICI Bank – Innova Car	0.968	0.000
HDFC Bank Limited – Innova Car	4.302	5.692
HDFC Bank Limited – Flat Punto	0.077	0.182
Short-term borrowings
Cash Credit A/C (UTI)	50.600	64.319
Total	55.947	70.193

Auditors :
Name :	Bansal and Company Chartered Accountants
Address :	114, IInd Floor, Shree Towers, Zone-II, M.P. Nagar, Bhopal-462011, Madhya Pradesh, India
Tel. No.:	91-755-2559224/225
E-Mail :	Raju251162@yahoo.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFB6603L
Memberships :	Not Available
Collaborators :	Not Available
Ultimate Parent Company	Maurer Sohnc GMBH Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs.10/- each	Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
1,830,000	Equity Shares	Rs.10/- each	Rs.18.300 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	18.300	18.300	18.300
(b) Reserves & Surplus	317.312	279.488	264.621
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	335.612	297.788	282.921
(3) Non-Current Liabilities
(a) long-term borrowings	14.487	13.032	0.626
(b) Deferred tax liabilities (Net)	4.942	4.658	4.219
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	7.355	10.594	9.202
Total Non-current Liabilities (3)	26.784	28.284	14.047
(4) Current Liabilities
(a) Short term borrowings	50.600	64.319	38.336
(b) Trade payables	99.068	114.162	83.842
(c) Other current liabilities	37.850	28.977	15.891
(d) Short-term provisions	28.876	31.986	45.318
Total Current Liabilities (4)	216.394	239.444	183.387
TOTAL	578.790	565.516	480.355
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	68.557	70.744	60.255
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	68.557	70.744	60.255
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	142.630	113.569	71.840
(c) Trade receivables	253.259	279.023	245.571
(d) Cash and cash equivalents	43.447	28.521	30.938
(e) Short-term loans and advances	18.418	22.427	16.301
(f) Other current assets	52.479	51.232	55.450
Total Current Assets	510.233	494.772	420.100
TOTAL	578.790	565.516	480.355

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	617.414	629.126	580.129
		Other Income	2.689	2.148	2.806
		TOTAL (A)	620.103	631.274	582.935
Less	EXPENSES
		Cost of Materials Consumed	452.213	474.591	416.326
		Employees benefits expense	50.021	44.571	41.707
		Other expenses	45.872	51.366	58.311
		TOTAL (B)	548.106	570.528	516.344
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		71.997	60.746	66.591
Less	FINANCIAL EXPENSES (D)		10.367	6.593	3.653
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		61.630	54.153	62.938
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.310	4.632	4.159
	PROFIT BEFORE TAX (E-F) (G)		56.320	49.521	58.779
Less	TAX (H)		18.496	18.183	21.590
	PROFIT AFTER TAX (G-H) (I)		37.824	31.338	37.189
	EARNINGS IN FOREIGN CURRENCY
		FOB Export	72.952	14.271	8.096
	TOTAL EARNINGS		72.952	14.271	8.096
	IMPORTS
		CIF Value	36.505	35.020	48.704
	TOTAL IMPORTS		36.505	35.020	48.704
	Earnings Per Share (Rs.)		20.67	17.12	20.32

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	6.13	4.98	6.41
Operating Profit Margin (PBIDT/Sales)	(%)	11.66	9.66	11.48
Return on Total Assets (PBT/Total Assets}	(%)	9.73	8.76	12.24
Return on Investment (ROI) (PBT/Networth)		0.17	0.17	0.21
Debt Equity Ratio (Total Debt /Networth)		0.19	0.26	0.14
Current Ratio (Current Asset/Current Liability)		2.36	2.07	2.29

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	18.300	18.300	18.300
Reserves & Surplus	264.621	279.488	317.312
Net worth	282.921	297.788	335.612
long-term borrowings	0.626	13.032	14.487
Short term borrowings	38.336	64.319	50.600
Total borrowings	38.962	77.351	65.087
Debt/Equity ratio	0.138	0.260	0.194

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operations	580.129	629.126	617.414
		8.446	-1.862

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operations	580.129	629.126	617.414
Profit	37.189	31.338	37.824
	6.41%	4.98%	6.13%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note: Registered Office of the Company has been shifted from “E-107, Greater Kailash, Part-2, Ground Floor, New Delhi – 110048, Delhi India” to the present address.

FINANCIAL PERFORMANCE:

The Total Income of the company during the year is Rs. 620.103 Million. The company has earned a profit before tax of Rs. 56.320 million during the year.

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Unsecured ECB Loan	9.140	7.158
Total	9.140	7.158

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90043439	15/11/2014 *	232,500,000.00	Axis Bank Limited	165A-166 Star Arcade, M P Nagar Zone I, Bhopal, Madhya Pradesh - 462011, INDIA	C35265354

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014
Sales Tax Matter under Appeal	2.550
Income Tax Appeal	4.673
	7.223

FIXED ASSETS:

• Plant and Machinery
• Office Equipment
• Vehicle
• Computer
• Land
• Furniture and Fixture

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report: No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.67
UK Pound	1	Rs.93.26
Euro	1	Rs.68.85

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.